The Waterloo City Council has triggered the process to create a new tax incremental district (TID), which would be located in the southeast portion of the city.
The recommendation to create TID #5 came before the council at Thursday’s meeting through a recommendation from the community development authority (CDA). The purpose of creating the TID is to facilitate industrial development on land located just south of Oak Hill Cemetery.
According to a memo included in the council packet from City Clerk/Treasurer Mo Hansen, TID #5 would encompass 150.2 acres with an estimated buildable area of 65 acres.
“We have a pretty fluid situation with United Cooperative,” Hansen said. “This sends a strong signal to United Cooperative that the city’s serious about working with them and the project.”
As part of the recommendation to create TID #5, the clerk/treasurer said the city should look at working with Ehler’s & Associates for services necessary to establish the new district, define the district map, and define the project plan, goals and objective.
Hansen put forth the following generic objectives for establishing a new TID: recruiting industrial end-users at an overall cost to the TID less than upfront municipal investment to attract end-users, a maximum 10-year payback to cover the up-front municipal investments; and establish long-term improved vehicle access to the defined district for new and existing businesses.
As part of the recommendation it was noted the 150.2 acres is currently unimproved and zoned agricultural. The area would need to be rezone to industrial. Furthermore, a new access route to connect the district to Highway 89 would need to be installed and water, sewer and electrical services would need to be extended south from the intersection of Fischer Road and Highway 89.
The process to create the TID requires representatives from each of the taxing jurisdictions (city, school district, MATC, and Jefferson County) plus a citizen forms a tax incremental finance district review board, which will convene and conduct public hearings. Additional council approvals would be part of the process as well before TID #5 is formally created.
Other council action:
• Approved putting forth a request for proposals for economic development services for up to 12 hours per week. The city had previously employed someone to do this work, but the position was discontinued in 2013. The CDA felt with the development the city is undergoing it is necessary to hire someone dedicated to economic development.
• Tabled taking action on purchasing a new scag mower until insurance information had been received. A June 16 equipment fire incident had rendered the currently owned scag mower unusable.
• Authorized issuing debt not to exceed $70,600. The funds would be used to fund Adams Street construction costs and purchasing new fire/EMS and police radios.
• Approved allowing the mayor to sign a contract with Town & Country Engineering for water booster facilities design services for the DeYoung Farm Subdivision as specified in on the development agreement with JGP Land Development LLC.